People & Lifestyle MBC Group sets price range for IPO on Tadawul By Pramod Kumar December 1, 2023, 5:31 AM Unsplash.com The final price for MBC Group shares will be disclosed at the end of the book-building period on December 6 Saudi Arabian media giant MBC Group is planning to raise as much as SAR831 million ($222 million) from the sale of a 10 percent stake on the Saudi stock exchange (Tadawul) after disclosing an indicative price range. The price range was set between SAR23 ($6.13) and SAR25 per share, the company said in a statement, implying an equity value of between $2.04 billion and $2.22 billion. The final price will be disclosed at the end of the book-building period on December 6. Tihama shareholders to vote on rescue for Saudi media group Saudi media company MBC Group to float 10% in IPO More deals likely to follow OSN+ and Anghami merger The company will offer 33.25 million ordinary shares, representing 10 percent of its share capital. The net proceeds will be used to repay outstanding loans, boost working capital, expenditure on content development for the video streaming platform “Shahid” and investment in new initiatives. State-owned Al Istedamah Holding owns a 60 percent stake, while Waleed Al Ibrahim holds the remaining 40 percent. Following the IPO, the current shareholders will collectively own 90 percent of the company’s share capital. Established over 30 years ago, MBC is one the largest media and entertainment companies in the Middle East and North Africa region, with its content reaching over 150 million people every week.
